2 Osuuspankki Meidän pankki As you read this Annual Report, you will realize that we provide all of our members personal and personalized service, in an approachable, down-to-earth Finnish fashion. Report of the Board and General Manager Johtokunnan ja toimitusjohtajan raportti The Directors and management continue to be well satisfied with our performance in 2007, following an outstanding With the ongoing support and effort of our dedicated and experienced staff, we made significant strides in our lending activity, managed the rental operation back to a normal situation and recorded income increases of almost 17% from As Osuuspankki begins to celebrate its 50th anniversary in 2008, a planning committee of staff and directors was formed and began to meet to coordinate those activities. Johtokunta ja pankin johto ovat hyvin tyytyväisiä vuoden 2007 tulokseen erinomaisen edellisen vuoden jälkeen. Työlleen omistautuneen ja kokeneen henkilökunnan tuen ja ponnistusten ansiosta lainatoimintamme parani huomattavasti, vuokratoimintamme palautui normaalille tasolle ja tulomme lisääntyivät lähes 17 prosenttia vuoteen 2006 verrattuna. Vuonna 2008 Osuuspankki viettää 50-vuotisjuhlaansa, jota varten on perustettu henkilö- ja johtokunnan jäsenistä koostuva suunnittelutoimikunta koordinoimaan juhlavuoden tapahtumia. Our mission in the past and for the future has been to provide a full range of flexible and affordable financial services. This past year, we added a number of additional services and we were also able to support our Finnish community in different ways. We hope you see the value in being a member of Osuuspankki. We certainly value each and every member we have. We look forward to working with you in continuing to serve your family with all their financial needs. John Majanlahti Chair, Board of Directors On the financial side, loan demand continued at an extremely strong level, with a further 8% increase or $1.7 million over Since 2001, the loans and mortgages portfolio has increased from about $16.5 million to $24.0 million in As referenced in last year s report, to meet this demand for cash Osuuspankki has been reducing our lower-yielding securities investments, and in 2006 had to borrow a further $1.5 million from the credit union system. The pace of continuing loan demand in 2007 required more capital which was initially supplied by increasing the borrowing from credit union central to $2.5 million. These borrowings were replaced in the fall of 2007 with lower costing member deposits, following a very successful campaign which attracted over $4 million of new deposits. Osuuspankki is now liquid enough to meet on-going loan activity and to provide a cushion for about $2.5 million of previously approved, but unused lines of credit to our members. Talouspuolella lainojen kysyntä jatkui voimakkaana ja lisääntyi kahdeksan prosenttia eli 1,7 miljoonaa dollaria vuoteen 2006 verrattuna. Vuosien 2001 ja 2007 välisenä aikana laina- ja asuntolainaportfoliomme on lisääntynyt noin 16,5 miljoonasta dollarista 24 miljoonaan dollariin. Kuten viime vuoden raportissa mainittiin, Osuuspankki on vähentänyt vähätuottoisia sijoituksiaan ja vuonna 2006 joutui lainaamaan lisäksi 1,5 miljoonaa dollaria credit union systeemistä. Lainojen kysynnän jatkuminen vuonna 2007 vaati lisäpääomaa, jonka vuoksi laina keskuspankilta lisääntyi aluksi 2,5 miljoonaan dollariin. Syksyllä 2007 kyseiset lainat korvattiin jäsenten talletuksilla menestyksekkään kampanjan tuotua meille uusia talletuksia yli 4 miljoonan dollarin arvosta. Tällä hetkellä Osuuspankin likviditeetti on riittävä ja pystymme turvaamaan lainatoiminnan jatkumisen ja meillä on katetta 2,5 miljoonan dollarin arvosta aiemmin hyväksyttyihin luottotileihin. Antero Elo General Manager Osuuspankki: more than a credit union, a community 3 1

3 Osuuspankki Board meeting Työlleen omistautuneen ja kokeneen henkilökunnan tuen ja ponnistusten ansiosta lainatoimintamme parani huomattavasti, vuokratoimintamme palautui normaalille tasolle ja tulomme lisääntyivät lähes 17 prosenttia vuoteen 2006 verrattuna. The credit union had an excellent year operationally. Net income for 2007, after taxes and dividends was $120,000, compared to $103,000 in This income gain was accomplished in spite of increased expenditures for staffing (partly to support the higher loan activity), advertising, marketing and further ongoing building maintenance. The profitability of the credit union benefits the members directly. For the seventh year in a row the Directors are pleased to declare a dividend to its members, which in the aggregate totaled about $42,000. As last year, the members should note that the dividend has again been split into two parts - a general 20% dividend to each qualifying member on their shares, plus a 6% bonus interest on interest paid in 2007 on most term and demand deposits. We forecast a more challenging year for The Canadian economic outlook is somewhat cloudy, and there is a risk of a slow down, especially given the problems in the United States. In the past the credit union has performed reasonably well in a low interest rate environment, and we expect this to continue, although we feel that margins and hence profits will be lower. A high priority for the General Manager and his staff will be to manage the financial spread between the cost of deposits and the interest rate returns from loans and mortgages, even if this means cutting back on our lending activity. In marketing, our main focus remains to identify and reach new members within the Finnish community. We are at the tail end of the lengthy process to review and rewrite all our member literature with a coordinated and consistent theme throughout, in both content and appearance. Members should see the results of this work Vuosi 2007 oli toiminnallisesti erinomainen. Nettotulo verojen ja osinkojen jälkeen oli dollaria, vuonna 2006 summa oli dollaria. Nettotulo lisääntyi huolimatta henkilöstökulujen, mainonnan ja markkinoinnin kasvusta ja edelleen jatkuvista rakennuksen ylläpitokustannuksista. Henkilöstökulujen kasvu oli osittain seurausta vilkkaasta lainatoiminnasta. Osuuspankin kannattavuus hyödyttää suoraan jäseniämme. Jo seitsemäntenä vuonna peräkkäin johtokunta voi ilmoittaa jäsenille maksettavista osingoista, jotka kokonaisuudessaan olivat noin dollaria. Samoin kuin edellisenä vuonna, osingot on jaettu kahteen osaan: yleinen 20 prosentin osinko jokaisesta jäsenosuudesta ja lisäksi kuuden prosentin bonuskorko vuonna 2007 maksetuista käteis- ja määräaikaistalletusten koroista. Oletamme vuoden 2008 olevan edellistä haasteellisempi. Kanadan talousnäkymät ovat hieman epävarmat ja etenkin Yhdysvaltojen ongelmien takia voi talous hidastua. Osuuspankki on menestynyt kohtuullisen hyvin alhaisen korkotason vallitessa ja uskomme tämän jatkuvan, vaikkakin marginaalit ja sen seurauksena tuotot tulevat todennäköisesti alenemaan. Toimitusjohtajan ja henkilökunnan tärkeä tehtävä tulee olemaan talletuskorkokulujen ja lainojen korkotuottojen taloudellinen tasapainottaminen lainatoiminnan vähentämisen kustannuksellakin. Markkinoinnissa keskitymme edelleen uusien jäsenten tavoittamiseen suomalaisessa yhteisössä. Jäsenmateriaalimme sisällön ja ulkonäön uudistaminen ja yhdenmukaistaminen on ollut pitkä prosessi, joka on vihdoin loppusuoralla. Tulosten pitäisi olla jäsentemme in early 2008 in our printed materials. The next strategic challenge is to begin to update our web presence into a more meaningful communications package with our current and potential members. The addition of a Marketing Manager and the marketing campaigns undertaken so far, are preliminary, but have proven to be very positive. A Business Breakfast Club, hosted by Osuuspankki, was formed to encourage Finnish Canadian entrepreneurs to meet on a regular basis and exchange business leads and ideas. In conjunction with the Canada Finland Chamber of Commerce, we initiated the annual recognition of the Finnish Canadian Entrepreneur of the Year. We see these as very important avenues for the credit union to be visible as a small business friendly proactive financial institution. We will continue to refine and expand these types of programs in During the year various events were held to promote the credit union to young members and to different demographic groups. For example, for students we continued to promote post-secondary education by granting scholarships and offering hassle-free student loans. In 2007 we also started a Kids Day with fun, food and games for our younger members. Having a marketing manager able to plan and execute such activities is very important to foster the perception of Osuuspankki as a dynamic, friendly progressive financial institution. In early 2007, the Credit Unions and Caisses Populaires Act and its regulations were amended by the government. All credit unions were separated into classes. Class 1 credit unions are smaller ones and offer no commercial loans. We immediately applied and were granted status as a Class 2 credit union. While this enables us to provide a nähtävillä vuoden 2008 alkupuolella. Seuraava strateginen haasteemme on internetsivustomme uudistaminen niin, että se olisi tarkoituksenmukaisempi viestintäväline sekä nykyisille että potentiaalisille jäsenillemme. Markkinointipäällikön viran lisääminen ja markkinointikampanjat ovat olleet lupaavia tähän mennessä. Osuuspankin isännöimä Business Breakfast Club perustettiin, jotta kanadansuomalaisilla yrittäjillä olisi mahdollisuus tavata säännöllisesti, vaihtaa ideoita ja verkottua. Yhdessä Kanada-Suomi-kauppakamarin kanssa aloitimme myös vuosittaisen kanadansuomalaisen yrittäjäpalkinnon myöntämisen. Nämä ovat mielestämme tärkeitä keinoja tuoda esiin Osuuspankin roolia pienyrityksille sopivana rahalaitoksena. Tulemme laajentamaan vastaavanlaisia ohjelmia vuoden 2008 aikana. Osuuspankkia tehtiin tunnetuksi nuorille jäsenille ja muille väestöryhmille vuoden aikana erilaisten tapahtumien avulla. Jatkoimme edelleen opiskelijastipendien ja opintolainojen markkinointia opiskelijoille. Vuonna 2007 järjestimme myös ensi kertaa Hippokisat hauskoine kilpailuineen ja tarjoiluineen Osuuspankin nuorimmille jäsenille. Markkinointipäälliköllä on tärkeä tehtävä suunnitella ja järjestää vastaavanlaisia tapahtumia, jotka samalla edistävät Osuuspankin imagoa dynaamisena, edistyksellisenä ja ystävällisenä rahalaitoksena. Vuoden 2007 alussa hallitus muutti Credit Unions and Caisses Populaires Actin ohjesääntöjä, ja kaikki credit unionit jaettiin eri luokkiin. 1. luokan credit unionit ovat pieniä, eivätkä tarjoa yrityslainoja. Osuuspankille annettiin With the ongoing support and effort of our dedicated and experienced staff, we made significant strides in our lending activity, managed the rental operation back to a normal situation and recorded income increases of almost 17% from

6 Officers Toimihenkilöt Airi Office and Administration Manager Liisa Marketing Manager Bawani Financial Officer Student Services Account Services CONVENIENT, HELPFUL and AFFORDABLE. That is how many of our students describe our services. We offer our FREE Student account to members who are full-time high school or post-secondary students, regardless of age. By presenting a student card or enrolment form to us, you ll qualify for all financial services free of charge! Do you want to access your account with an ATM card, internet banking, telephone banking or at the branch? Whatever method you choose, you will not be charged for using your Student account. The Marja Karlsson Memorial Scholarship is granted to a student entering their second or subsequent year of post-secondary studies at a college or university. This year s $3,000 scholarship was awarded to: Peter Phua The Osuuspankki Scholarships are granted to students demonstrating a combination of academic achievement, financial need and community involvement. This year s $1,000 scholarships were awarded to: Evi Länsimäki, John Kaye and Nicole Vankoughnett Student Loans Scholarships Every year, Osuuspankki grants scholarships exclusively to our student members. All it requires is an application and the student s transcripts. You can even complete that online. It can t get more convenient than that! Special Osuuspankki student loans are available for full-time post-secondary students offering a simpler application process than government and chartered bank student loans. To cut down on stress, you make interestonly payments while you re a full-time student. Ulla Katri Arja General Manager Antero Elo with scholarship recipients John Kaye, Peter Phua and Evi Länsimäki The Hanne Maria Maijala Memorial Scholarship is granted for post-secondary studies in music or the arts. This year s $1,000 scholarship was awarded to: Lija Karklins Loan Officer Loan Clerk Member Service Representative. Students are our future! We can help make your life easier with smart money management. Jani Raija Salla Member Service Representative Member Service Representative Member Service Representative 8 9

7 Business Services Osuuspankki Business Club Business Accounts In 2007, Osuuspankki introduced the new Business Plus account for our business members. This is the first business package account we ve offered geared towards a business which issues more than 30 payments per month. It adds value to Osuuspankki business members by helping them save on operational costs. We are confident that new and existing business clients will see the cost savings they will have each year, when they choose the Business Plus. Osuuspankki Business Club Another first which we launched in 2007 was the introduction of our Osuuspankki Business Club. Osuuspankki is helping our members grow their businesses by introducing them to new business contacts in our Finnish community. The usual format is a breakfast meeting with a short presentation by a speaker after which members have the chance to network with other business people. Just call the credit union to find out when the next meeting is, or check the Community Events calendar on our website. We will be happy to add you to our ing list in order to keep you informed of when the meetings will be taking place. Osuuspankki Finnish-Canadian Entrepreneur of the Year Award In June 2007, Osuuspankki was proud to announce that the first Osuuspankki Finnish- Canadian Entrepreneur of the Year Award was presented by the Canada-Finland Chamber of Commerce to Tapani Nousiainen. This annual award is given to a nominee in recognition of their achievements in the business community and their contributions to the Finnish community in Canada. We feel that it is important to recognize the efforts of the Finnish business community and look forward to the presentation of the award in Suomi-Koti Senior & Child Services Children On September 9th we had our first annual Hippokisat celebration for our Hippo Club members. The celebration was at Osuuspankki s parking lot with many fun activities. We had everything from a jumping castle, face painting, a clown, competitions with medals, a surprise gift for every child and of course snacks. This was our way of helping our younger members connect to Osuuspankki. Henri and Hanna Hippo send out a quarterly newsletter to children between the ages of 4 and 11. To belong to the Hippo Club and receive the Hippo Tales just open an account for your child, grandchild, niece, nephew or someone you care about. Are you aware that children have special investment privileges at Osuuspankki? We only require a minimum of $100 for a higher interest earning term deposit. We are also able to set up RESPs to help save for your child s or grandchild s education. Seniors At Osuuspankki, we share the traditional Finnish values of practicality and a positive outlook. Those qualities are especially important when it comes to money. As a gift from us, when you turn the age of 60 your account automatically has no services charges on your transactions. We provide banking services at Suomi-Koti twice a week. We give you all the respect and attention you ve earned. Finnish-Canadian Entrepreneur of the Year: Tapani Nousiainen Kid s Day Finnish-Canadian Entrepreneur of the Year Award 10 11

8 Our Finnish Community $100 winner Mark Unlik Have you noticed that we have a Community Events section on our website? If you contact us with your organization s event happenings, we can post it on our website to give your group more exposure. FinnPower The annual Finnpower event was held in April and once again Osuuspankki was a sponsor and had a table there. We held two contests at this event with the following promotions: Ten draws of $100 (2 given out each hour) A flat-screen television These were open draws for everyone who attended the Finnpower event and visited our table. The draw for the television also included ballots which could be filled out at Osuuspankki for the following week. The winner of the flat-screen television was Paul Valanne. Account Services The Finnish community has many non-profit and charity organizations who trust Osuuspankki for their financial transactions. To show our appreciation we have added a special account just for these organizations. The Community account has a minimal monthly fee of $3.95 and allows the organization to process its first 15 debit transactions for free. This is another way that we are helping our charity and non-profit organization members use their money to help others first. Sponsored group: Toronto Floorball League Sponsored group: Äiti-lapsikerho Sponsorship Recipients Osuuspankki has been a great supporter of Finnish organizations, churches and charities. Among our sponsorship recipients this year were: Grassroots Floorball Inc. CMV Canadian Music Week Suomi-Koti Finnish Grand Festival CFFEF Jani & Kristina Autio FinnPower Toronto Finlandia Lions Club Äiti-lapsikerho Toronton Suomen Kielen Koulu Laestadian Lutheran Church Finnish Consulate (nuit blanche) Our Electronic Services Flat-screen television winner Paul Valanne Online & Telephone Banking Bill Payment Services Transaction Alert Credit Union Member Card & ATMs Credit Union MasterCard Sponsored group: Laestadian Lutheran Church 12 13

2008 Year in Review Vuosikatsaus Osuuspankki Meidän pankki We are proud once again to report that our financial institution has continued to prosper, even during difficult times with today s economy. We

Write down the Temporary Application ID. If you do not manage to complete the form you can continue where you stopped with this ID no. Muista Temporary Application ID. Jos et onnistu täyttää lomake loppuun

The role of 3dr sector in rural -community based- tourism - potentials, challenges Lappeenranta, 5th September 2014 Contents of the presentation 1. SEPRA what is it and why does it exist? 2. Experiences

- University I would like to enroll at a university. Stating that you want to enroll I want to apply for course. Stating that you want to apply for a course an undergraduate a postgraduate a PhD a full-time

Welcome to Finland Lahti Wellamo Community College 11 December 2007 We operate in the premises of Lahti Adult Education Centre The building was inaugurated exactly 20 year ago and was built to serve university

IFAGG WORLD CUP I, CHALLENGE CUP I and GIRLS 12-14 OPEN INTERNATIONAL COMPETITION 1 st 2 nd April 2011, Vantaa Finland Vantaa Gymnastics Club and Finnish Gymnastics Federation are very pleased to welcome

DO NOT STAPLE APPLICATION FORM League of Finnish-American Societies Scholarship Foundation The Foundation has been supporting Finnish students in their studies in the USA since 1970. Checklist. A complete

Expression of interest Avoin hakemus tohtorikoulutettavaksi käytäntö Miksi? Dear Ms. Terhi virkki-hatakka I am writing to introduce myself as a volunteer who have the eagerness to study in your university.

The CCR Model and Production Correspondence Tim Schöneberg The 19th of September Agenda Introduction Definitions Production Possiblity Set CCR Model and the Dual Problem Input excesses and output shortfalls

Voice Over LTE (VoLTE) By Miikka Poikselkä;Harri Holma;Jukka Hongisto If you are searched for a book by Miikka Poikselkä;Harri Holma;Jukka Hongisto Voice over LTE (VoLTE) in pdf form, then you have come

Results on the new polydrug use questions in the Finnish TDI data Multi-drug use, polydrug use and problematic polydrug use Martta Forsell, Finnish Focal Point 28/09/2015 Martta Forsell 1 28/09/2015 Esityksen

KUOPION KANSALAISOPISTO Kuopio Community College 2012-2013 Welcome - Tervetuloa! CONTENTS: Education system and adult education in Finland Kuopio Community College I I I I I I I I basic information main

Equality of treatment Public Services Providing high-quality Public Services in Europe based on the values of Protocol 26 (TFEU), Warsaw 12.10.2012 Kristian Siikavirta, Doctor of Law 18.10.2012 1 University

Lakimies PDF ==>Download: Lakimies PDF ebook Lakimies PDF - Are you searching for Lakimies Books? Now, you will be happy that at this time Lakimies PDF is available at our online library. With our complete

Lakimies PDF ==>Download: Lakimies PDF ebook By Allan Särkilahti Lakimies PDF By Allan Särkilahti - Are you searching for Lakimies pdf Books? Now, you will be happy that Lakimies PDF is available at our

For professional use only Not for public distribution Karkaavatko ylläpitokustannukset miten kustannukset ja tuotot johdetaan hallitusti? 08.02.2012 Jyrki Merjamaa, Head of Asset Management Aberdeen Asset

Teacher's Professional Role in the Finnish Education System Katriina Maaranen Ph.D. Faculty of Educational Sciences University of Helsinki, Finland www.helsinki.fi/yliopisto This presentation - Background

Helsinki Metropolitan Area Council Current events at YTV The future of YTV and HKL On the initiative of 4 city mayors the Helsinki region negotiation consortiums coordinating group have presented that:

Increase of opioid use in Finland when is there enough key indicator data to state a trend? Martta Forsell, Finnish Focal Point 28.9.2015 Esityksen nimi / Tekijä 1 Martta Forsell Master of Social Sciences

RT 80260 EN May 1998 1 (10) AGREEMENT ON BUILDING WORKS This agreement template is based on the General Terms and Conditions of Building Contracts YSE 1998 RT 16-10660, LVI 03-10277, Ratu 417-7, KH X4-00241.

DO NOT STAPLE APPLICATION FORM League of Finnish-American Societies' Scholarship Foundation The Foundation has been supporting Finnish students in their studies in the USA since 1970. Checklist. A complete

The Finnish healthcare service grid and access in rural Finland Kimmo Parhiala, M.Soc.Sc Development Manager, National Institute for Health and Welfare TW: @parhialakimmo 20.6.2017 The Finnish healthcare

Business definitions Nordea Mortgage Bank Plc Return on equity Net profit for the year excluding non-controlling interests as a percentage of average equity for the year. Average equity including net profit